05:18:38 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Barrick Gold Corp
Symbol ABX
Shares Issued 1,164,669,758
Close 2015-08-14 C$ 10.07
Market Cap C$ 11,728,224,463
Recent Sedar Documents

Van Sun/wire say Barrick, others eye more job cuts

2015-08-17 07:06 ET - In the News

Also In the News (C-GSC) Golden Star Resources Ltd (2)

The Vancouver Sun reports in its Saturday edition Barrick is looking at how to do more with less as it targets $2-billion (U.S.) in spending cuts, co-president James Gowans told analysts last week. A Bloomberg dispatch to The Sun says Barrick is not alone. Golden Star Resources is working to reduce labour costs further, while Kinross, Yamana and Newmont are also reviewing head counts as prices hover around five-year lows. The industry has already reduced its work force by more than a third since 2012, when gold was trading significantly higher. While gold is unlikely to witness the kind of mass firings seen in harder-hit industries such as coal and oil, more cuts may be coming with labour accounting for as much as half their expenses. Cutbacks so far have included corporate office staff and local contractors. While there is still room to cut corporate jobs, companies cannot go very far with reducing mine workers, said Pawel Rajszel, an analyst at Veritas Investment Research. "If they still want to mine at the mines, it's hard to imagine how they are going to achieve that," Mr. Rajszel said. "Unless they start bringing in robots." In Ghana, Golden Star is focusing on easier-to-process deposits.

© 2024 Canjex Publishing Ltd. All rights reserved.